The European Union (EU) and Israel are launching a joint Chamber of Commerce that will act as an umbrella group for similar groups throughout the EU. Gad Proper will head the new agency.

"Israeli trade can be promoted only through increased coordination with EU institutions," the Foreign Ministry said. Business leaders form Israel and the EU nations also are planning a conference in November to help launch the project and promote economic and political relations between Israel and the EU.

In a separate development, Israel for the first time is hosting on Tuesday a three-day United Nations Economic Council of Europe conference, hosting 56 delegations from Europe and North America.